which of the following is the best definition of money?
What will be an ideal response?
anything that widely serves as a medium of exchange, unit of account, and store of value
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What is a laissez-faire economy?
What will be an ideal response?
Which of the following statements best describes the price, output, and profit conditions of monopolistic competition?
a. Price will equal marginal cost at the profit-maximizing level of output; profits will be positive in the long-run. b. Price will always equal average variable cost in the short run and either profits or losses may result in the long run. c. Marginal revenue will equal marginal cost at the short run, profit-maximizing level of output; in the long run, economic profit will be zero. d. Marginal revenue will equal average total cost in the short run; long-run economic profits will be zero.
Ricardo's theory encourages ______ because it suggests that trade is a positive-sum game where all participating countries realize economic gains
Fill in the blank(s) with the appropriate word(s).
Refer to the information provided in Figure 9.4 below to answer the question(s) that follow. 
Figure 9.4Refer to Figure 9.4. In the short run, if economic conditions do not change, this firm should produce ________ units of output and will earn a total revenue ________.
A. 100; of $800 B. more than 100; > $800 C. less than 100; > $0 but < $800 D. 0; of $0